Pre-nupial agreements

economic

Hi

My friend is getting married and is thinking of getting a prenuptial agreement. He is bringing into the marriage quite a lot of money compared to his fiance and much of the money has been gifted by his parents. therefore he wants to protect this money in the very unlikely case of a separation etc. He asked me to ask these questions:

- What is the exact process of a prenuptial agreement and how long does it take and cost? I understand there is full financial disclosure in the process, what does this entail?

- How can a prenup be worded? Eg ideally what my friend wants is "Person A enters marriage with £200k and person B enters with £50k. In the event of divorce, if the total wealth is greater then £250k, then person A should get £150k (£200k - £50k) more of the wealth then person B. If the total wealth is less then £250k, then person A should get 80% (200/250) of the total wealth."

Is the above reasonable?

Anything else my friend needs to consider?

Thanks

Carrot007

economic wrote: »

Anything else my friend needs to consider?

That they legally mean nothing in the uk maybe?

I mean the court may take them into account. But they don't have to.

So. Maybe not waste the money?

lr1277

On your other thread where you were told about this, independent legal advice was mentioned.
I have no experience of this but I believe independent legal advice is absolutely necessary. That means each signatory of the agreement needs their own lawyer (who they are paying for). Your friend shouldn't pay for his fiance's lawyer.

Detroit

You do not state whether the marriage is in later life, or whether either party already has children they wish to make provision for, so, assuming not:

Your friends thinking fails to take account of other factors that may effect what may be 'reasonable' later down the line.

If your friend becomes ill or loses their job and becomes financially dependent on their partner for a period for example.

Or if the partner's earnings in the future outstrip your friend's and their contribution going forward becomes much greater.

If the partner comes into money of their own during the marriage.

If the money goes towards a family home, the needs of any children.

I don't know whether the example figures you've quoted are in the ballpark of the actual amounts in question. If so, they are comparatively trivial in the context of the intention to share future finances 'till death do them part'.

While there may be value in a legal agreement when significant wealth is at stake, the sorts of sums above are almost negligible in the context of what I assume they anticipate as years of shared finances ahead; during which any of the factors I mentioned above could effect what would be fair.

Of course, if there is actually a large fortune at stake, this may be different.

However, if that were the case I'm sure your friend would already have access to all the professional advice they needed.

Pollycat

economic wrote: »

Hi

My friend is getting married and is thinking of getting a prenuptial agreement. He is bringing into the marriage quite a lot of money compared to his fiance and much of the money has been gifted by his parents. therefore he wants to protect this money in the very unlikely case of a separation etc. He asked me to ask these questions:

- What is the exact process of a prenuptial agreement and how long does it take and cost? I understand there is full financial disclosure in the process, what does this entail?

- How can a prenup be worded? Eg ideally what my friend wants is "Person A enters marriage with £200k and person B enters with £50k. In the event of divorce, if the total wealth is greater then £250k, then person A should get £150k (£200k - £50k) more of the wealth then person B. If the total wealth is less then £250k, then person A should get 80% (200/250) of the total wealth."

Is the above reasonable?

Anything else my friend needs to consider?

Thanks

Yeah, the bit in bold is perfect, all legal and above board.
Write it on the back of a fag packet and all will be fine. :rotfl:

Seriously, your friend needs to consider proper legal advice from someone who is an expert in that field of law.

74jax

https://forums.moneysavingexpert.com/discussion/5823277

Try sticking to one thread. All the mods to delete one.

nicechap

youlaw wrote: »

Hi,

Whilst they aren't legally enforceable in the UK, they are a persuasive bit of evidence to have, in particular if both parties sought independent legal advice in advance.

You can get one drafted for £160.

Hope that helped a bit.

Good luck (to your friend )

Not very legally clued up to break forum rules on first day of membership.